Eighth annual report 20 March 2008 to 19 March 2009 EL 10370 Barkly

Abstract

EL 10370 Barkly was acquired to search for Tennant Creek style iron oxide copper-gold deposits. Giants Reef Exploration Pty Ltd is a wholly owned subsidiary of Emmerson Resources Ltd. EL 10370 is explored under the Barkly Joint Venture (JV), this JV was inked with Giants Reef, and covers the southeast extension of the Tennant Creek mineral field which has a production history of 5M ounces of gold and 16M tonnes of copper which was won from high grade ironstone related deposits. The JV tenements cover the historical Bluebird and Perseverance workings. Perseverance historical results showed a best result of 3m at 43.2g/t Au from 72m depth. Those workings are covered by a Central Land Council exclusion zone whereas the shallow Bluebird workings where historical results indicate 172t of ore at 9.3g/t Au were produced are outside the exclusion zone. Meteoric Resources currently has a 70% interest and Emmerson (Giants Reef) 30% with management rights being transferred back to Emmerson during February 2009. This report records the exploration work done on EL 10370 during the eighth year of tenure from the 20 March 2008 to the 19 March 2009. Previous exploration including ground magnetic and gravity surveying, followed by soil sampling focussed attention on Bluebird, which is a small outcropping ironstone body pitted by historic mining and prospecting. The Bluebird prospect is a Tennant Creek ironstone-hosted Au-Cu-Bi target. The host rocks are folded siltstones of the Proterozoic Tennant Creek Inlier. Follow-up RAB drilling during 2006 tested anomalous gold and copper intersections in previous drillholes around Bluebird, and also tested a belt of anomalous auger soil geochemistry extending from the Bluebird area to the east. This work determined that the Bluebird ironstone body had a southerly dip, and that the earlier south-inclined RAB drilling was in fact sub-parallel to the dip of the target. Anomalous Au, Cu and to some extent Bi assays were returned. The eastern extension did not encounter massive ironstone, but did intersect hematite stringer alteration with associated anomalous Au, Cu and Bi. There is indication of a halo of anomalous geochemistry, particularly copper, about the intersections which opens from about 25-30 m vertical depth, and extends downwards below the depth tested by RAB drilling. During 2008 a 225 line-km ground radiometric survey with a Gamma Spectrometer PGIS SP was carried out over the general area, followed by soil and rock chip sampling to test anomalous zones generated. A total of 217 soil and 36 rock chip samples were analysed for Au by ICP-MS, and As, Bi, Ca, Cu, Fe, Sb, and U by ICP-AES at ALS Chemex, Brisbane. The results of the soil sampling were disappointing, but the rock chip sampling gave encouraging results. The results of the radiometric survey and geochemistry generated targets worthy of drill testing. Planned RC drilling inclined to grid north during 2008 at the Bluebird prospect was delayed by a lack of rig availability. A short programme of RC drilling inclined to grid north would be best designed to test for potential deep mineralisation below the base of oxidation.